Market Insights

The market has consistently attempted to move higher and lower, but the trend ends quickly as it either reverses the same day or the next. The S&P 500 was finally able to push away from its 50-day simple moving average and closed above some resistance in the 2,740 level. S&P 500 futures pointed to a higher open today.

President Trump is expected to announce his pick to replace Supreme Court Justice Anthony Kennedy, who’s retiring from the top U.S. court after 30 years

Market participants have a few economic reports listed below to digest. In addition, several Federal Reserve members are expected to speak this week. Although the brunt of quarterly earnings is still several weeks away, several big-name banks are scheduled to report their earnings on Friday.

• Jul 10: JOLTS Report
• Jul 11: PPI
• Jul 12: Jobless Claims
• Jul 12: Consumer Price Index
• Jul 12: Treasury Budget
• Jul 13: Import and Export Prices
• Jul 13: Consumer Sentiment

Last night’s markets:

• The MSCI Asia Pacific Index advanced 1.2 percent
• Japan’s Topix index closed 1.2 percent higher as the yen traded little changed.
• China’s Shanghai Composite Index climbed 2.5 percent.
• In Europe, the Stoxx 600 Index added 0.6 percent, and the euro rose.